“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. For many homeowners,
refinancing can not only lower your monthly payments and help with your monthly budget, but it can save you
thousands of dollars in the long run.

YOU’RE NOT TOO LATE.

For years now, we’ve been hearing that interest rates will be on the rise, and although there have been some
small increases, you’re still in a great position to drastically lower your interest rate. The general rule is if
your mortgage interest rate is more than one percent above the current market rate, you should consider refinancing.

IT’S NOT TOO TIME CONSUMING.

Don’t brush off refinancing just because it seems like a long and daunting process. An informational call with a
lender to see how rates compare will only take a few minutes. There are also some programs for streamlining the
application process. And besides, isn’t the amount of money you could save worth the time and effort?

ARMS CAN BE REFINANCED, TOO.

Seeing your Adjustable Rate Mortgage (ARM) increase after the introductory period can be incredibly stressful
and place a squeeze on your budget. Many people assume they’re stuck, but ARMs can be refinanced, just like
fixed-rate mortgages. You can even switch to a shorter term fixed-rate mortgage, such as 15 or 23 years. The
longer you’re planning to stay in the home, the more sense it makes to look into refinancing.